takeover proposal from Atlassian billionaire Mike Cannon-Brookes and Canadian asset manager BrookfieldAfter a meeting on Sunday afternoon, the board of AGL released a statement to the Australian Securities Exchange saying it had knocked back the unsolicited bid of $7.50 a share because it undervalued the company.
It also noted the bid would need approval from the Australian Competition and Consumer Commission as well as the Foreign Investment Review board.Although the initial bid was rejected by the AGL board, this is not expected to be the end of the matter given the substantial resources of the Cannon-Brookes/Brookfield consortium which has the option of revising its bid for Australia’s largest energy company.
“So this is a significant investment in Australia and in decarbonisation, and [will result] in both a cleaner grid, but also a more stable and a cheaper grid.”Mr Cannon-Brookes said he was “fairly confident” they could retire AGL’s coal assets by 2030 in line with the Paris Climate Agreement.“The idea would be net zero by 2035 including all forms of thermal generation. So we think we can do that, we have $20 billion ...
I doubt that seeing as it currently is responsible for spewing out 8% of Australia’s greenhouse emissions.
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Brookfield, Cannon-Brookes launch bid for AGL to ‘accelerate coal exit’Tech billionaire Mike Cannon-Brookes and Canadian fund manager Brookfield have launched a bid to take over Australian energy giant AGL and close its coal power plants sooner | Exclusive by NickToscano1 NickToscano1 The sooner the better ClimateAction NickToscano1 Wow! NickToscano1 Brilliant idea! And I the process show Australia that we DON’T NEED fossil fuels!! 👍🏼🇦🇺🔋
Source: theage - 🏆 8. / 77 Read more »
Brookfield, Cannon-Brookes launch bid for AGL to ‘accelerate coal exit’Tech billionaire Mike Cannon-Brookes has launched a bid with Canadian fund manager Brookfield to take over AGL and close its coal power plants sooner | NickToscano1 NickToscano1 Mike is the Aussie Elon (in a good way)! NickToscano1 We need to look at how to recycle old solar panels, the effects of lithium mining and the size of lithium batteries. I am not sure 10 hectares of solar panels or lithium batteries is the answer. NickToscano1 I think he will put us all into electricity rationing if he succeeds. However I doubt that he would let it effect himself though.
Source: smh - 🏆 6. / 80 Read more »
Three megatrends collide in Cannon-Brookes, Brookfield’s AGL bidThe speed of the energy transition, the rise and rise of private capital and the emergence of billionaire activists are all at play in the bid for AGL. And blows up ScottyFromWelding ‘s energy and climate policy. yeap took my house of the grid, on VPP originenergy ... plenty of COAL left for SCOMO If MCB runs AGL like Atlassian , AGL will declare a $b+ loss and its stock value will go up. AGL will not have to pay tax for decades
Source: FinancialReview - 🏆 2. / 90 Read more »
Mike Cannon-Brookes and Brookfield in bid to take over AGL and shut down coal plants earlierEnergy giant assessing unsolicited bid worth up to $8bn from tech billionaire and Canadian investment firm Wow! 🇦🇺 Tech Billionaire with one of Worlds biggest asset Mgrs deciding to accelerate the transition to renewables and using their money to back it up! Don’t get in the way of Gen Y/Z Billionaires and Capitalist Asset Mgrs…. Scomo…how’s them retinas? What a great strategy. How does your coal fire grid look now Scotty? A Labor government will be a much better bet as they help workers transition to new jobs. Well that looks like putting a fox into the conservative henhouse.
Source: GuardianAus - 🏆 1. / 98 Read more »